Fixed Assets

If your Company only operates in the United States or Canada, you will might not have a use for 'CRA' or 'IRS' Depreciation functionality. Removing the ability to use these options may cut down on possible input errors.

The Fixed Asset program does allow you to set up the accumulated depreciation to match what is presently on your books.

There is a new section on the bottom of the Acquisition Tab that can be used to quickly setup the depreciation history of an asset (to match GL postings made previously):

GL Chart of Accounts

Selecting this option will open an instance of the GL Chart of Accounts program.

GL Journal Entries

Selecting this option will open an instance of the GL Journal Entries program.

GL Journal Entries Register

Selecting this option will open an instance of the GL Journal Entries Register program.

TruckMate Monitor

Click the down arrow next to this button to access the various functions of the TruckMate Monitor.

Remember Position / Size

Selecting this option will maintain the program window position and size upon close. When the program is re-opened, it will appear the same.

More / Profiles

Click this button to open an instance of the Trailer Profiles program with the details of the currently highlighted Trailer displayed.

Add / Import

Clicking this button will automatically add active Company-owned (or leased) Assets from the Power Unit, Trailer and/or Misc. Equipment Profiles programs to the currently displayed Fixed Asset. A window will appear outlining the additions. Click 'OK' to add the new Assets.

Post

Select this button to Post your Fixed Asset information to your general ledger-chart of accounts as specified in the Fixed Asset program. On first usage, a dialog box will open asking you to verify your 'Fixed Assets - Post Depreciation' preferences.

The Post Depreciation screen has a new checkbox ('Include Disposal GL'), which will inform the system to include the details from the Disposal GL Tab in the report (and posted if Post button clicked) provided:

Diary

Clicking this button will open the Diary window. You can also access the Diary by using the <CTRL><D> hotkey combination.

Attach/Open Related Files

Selecting this option will open the Attach / Open Related Files window, which replaces the 'Files Tab' from TruckMate 7.0.

Filter

Use the pull down menu to select a Filter option. The available records in the database will be filtered depending on the option you choose.

Exclude Disposed

Selecting this checkbox will disable viewing any information on Asset’s that have been disposed of. For example, you may only want to view current Fixed Assets but at some date you may desire to view previous Fixed Asset information.

Double click within the 'Type' and 'SubType' fields to set these values for the selected Asset. Enter a description by typing it manually into the 'Description' field.

Double click in the 'Code' field to choose the purchase location for this Asset. To add another row to the Grid, select the '+' sign and create a new location.

Choose a class from those shown in the Grid. Double click on your choice to choose the correct class for this Asset. To add another row to the Grid, select the '+' sign and create a new row.

Double click in the correct Class field Type field to choose the disposal type for this Asset. To add another row to the Grid, select the '+' sign and create a new row.

Double click in the correct Class field Type field to choose the disposal type for this Asset. To add another row to the Grid, select the '+' sign and create a new row.

Double-click in the Type of your choice and a Select CCRA Class ID dialog box will appear where you can choose the appropriate class code for this item. The addition of new rows is disabled in this Grid.

Three areas require an account code attached: 'COST', 'DEP' (Depreciation), and 'EXP' (Expense). Choose the correct accounts from those shown. To add a new account code, refer to the GL Chart of Accounts program. On an 'ADD', the information defaults to account code information entered in the Setup Tab. The addition of new rows is disabled in this Grid.

There are now three additional rows available to allow for combinations of type and sub-type: 'DISP', 'GAIN', and 'LOSS' (i.e. six rows per type / subtype). These new rows are used as defaults for the Disposal GL Tab postings. If the 'COST' account is set in the header (this was previously optional as it was not used for depreciation postings), then it, rather than the default one from the Setup Ttab, will be used when generating the Disposal GL.

Default type

Choose from IRA, CRA, or Book.

Default posting frequency

Select either 'Monthly' or 'Annually'.

Default post to

Select 'First Day' or 'Last Day' of whatever your default posting frequency is above. For example, if you selected monthly as your default posting frequency, and then choose first day for your default 'Post To'. This would mean that depreciation postings would occur on the first day of every month.

Default post for

Select 'This Asset' or 'All Assets'. This allows you the choice of posting your depreciation information for each Assets, or all Assets together in one posting.

Rounding adjustment to

Often there is a rounding adjustment made reflecting on a few pennies over/below your usual depreciation posting amount. Select to post this information for the 'First Month' or 'Last Month' of the year.

In acquisition year, start depreciation

Select either the 'First Month' of the Fiscal Year, or the First Month you 'Acquired' this Asset.

In disposal year, end depreciation

Select to either end depreciation posting on this Asset in the 'Disposal Month', or the Last Month of the your Company’s 'Fiscal Year'.

For Book Declining Balance (DB) methods

Select either 'Residual' or 'Indefinitely'.

On selection of the 'Limits - IRS' option, the program will display a fairly static grid containing limits for IRS Section 179 amounts by Fiscal Year (in descending order so that the most recent year is at top).

The data in this section is used for the Section 179 Maximum Limit Calculation Form accessed from the IRS Options Tab. You can ignore this section if:

The Table / Grid is normally already populated (by TMW Systems patches), but if a row is missing for the current year, you can add a row manually by using the TruckMate Navigation Bar, after getting new limits information from the IRS Publication 946 for the applicable tax year. For each fiscal year, the table contains four dollar limits:

Date

Enter the date you acquired this Asset.

Purchase Price

Enter the purchase price of this Asset.

+/- Adjustments

Enter any adjusted costs, say, legal costs to acquire this Asset.

Less Personal Use

Enter a percentage, if you are using, or have used, this Asset for personal use. For example, if you purchase a truck and you use the truck 50% of the time for personal use, you would enter 50% in the Personal Use field.

Net Acquisition Cost

Automatically generated based on the figures above.

Notice that when you choose the radio button 'Lease', information will show as above. However, when you choose the radio button 'Company', the information changes.

Residual Value

Enter your future estimated residual value of this Asset.

Estimated Selling Value

Enter your future estimated selling value of this Asset.

Market Value

Enter your future estimated market value of this Asset.

User Value

Enter your future estimated user value for this Asset. Refer to the Application Configurator option for FA.EXE to change the label on the 'user value'

This new addition to the Acquisition tab can be used to quickly setup the depreciation history of an asset (to match GL postings made previously).

As At Fiscal Year-End

Enter a Fiscal Year Code in the space provided by typing an integer value (ie: '2005') or by clicking the search button. A selection menu will appear with the various Fiscal Year Codes setup in your system. Fiscal Year information is setup in the GL Chart of Accounts program.

Accum. Deprec

Enter a dollar amount that will represent the Accumulated Depreciation value in the space provided.

NBV

When you save changes by clicking the 'checkmark' button, this informational-only field will calculate (as difference between Net Acq.Cost and Accum.Deprec values).

Date

Enter the date of disposal here.

Type

Select the search button and choose from one of the following: Abandon, Destroy, Exchange, Other, Retire, and Sell.

Sold to

Double-click to view a dialog box allowing you to select the client/salvager to whom the Asset was sold.

Invoice #

Enter the appropriate invoice number.

Where you configure the Net Disposable Value.

Disposal Price

Enter the selling price of the Asset.

+/- Adjustments

Enter any adjusted costs, say, legal costs to dispose of this Asset.

Less Personal Use

Enter a percentage, if you are using, or have used, this Asset for personal use. For example, if you purchase a truck and you use the truck 50% of the time for personal use, you would enter 50% in the Personal Use field.

Net Disposable Value

Automatically generated based on the figures above.

Net Acquisition Cost

Amount taken from Fixed Asset Acquisition Tab.

Accumulated Depreciation

Tallies up the accumulated depreciation for this Asset as found on the Grid under the column Accumulated Depreciation located in the Fixed Assets Depreciation Tab.

Net Book Value

Automatically generated based on posted (tallies up the posted accumulated depreciation for this Asset) figures above.

Net Disposable Value

Amount is taken from the Disposable Proceeds area on this tab.

Net Book Value (NBV)

Amount is taken from the Net Book Value field located on this tab.

Gain/(Loss)

Amount is automatically generated based on the figures above.

The fields in this grid are populated by the FA_DISP_GL Table. This grid contains the special one-time postings for the disposal of the asset. If the asset is disposed (out-of-service date set) and Disposal GL has not been posted yet, you may edit any column in the grid (except description) and add/delete rows. A pick-list for both 'GL Account' and 'Account Type' is available via double-click (or selecting the <Enter> key when in a cell).

Re-calc

Provided that the Disposal GL has not yet been posted, selecting this button will clear and re-populate the grid (overwriting any manual changes that have been made).

The GL posting amounts generated by the 'Re-calc' button are:

The NBV figure is the projected NBV at disposal time, which is not necessarily the same figure displayed in the Disposal Tab (it only shows the NBV after posted, not projected, depreciations).

Before populating the grid, clicking the 'Re-calc' button will effectively auto-select the Depreciation Tab’s 'Re-calc' button (deleting depreciation for fiscal years beyond the out of service date and possibly reducing the depreciation amount for the final fiscal year).

Clear

This will clear the grid (delete all rows) provided the GL has not been posted yet.

Total Debits / Total Credits

These fields display the totals of the data in the grid. If these are not balanced (equal), you will not be able to Approve or Post the Disposal GL.

Balanced

The 'Balanced' checkbox, when selected, will check if the 'Total Debits' is equal to the 'Total Credits' value, and ensure that all the rows in the Disposal GL Grid are set to valid GL Accounts. You cannot approve the disposal GL if it is not balanced.

Approved

Select this flag when you have reviewed the GL and are ready to post. This flag is disabled if the 'Balanced' checkbox is not flagged, or if the GL has already been posted. The person who last checked this flag (and when) is recorded and displayed both here and on the Audit Tab. If another user changes the GL, then the flag is automatically unchecked (as the first person did not see, let alone approve, the second person’s changes).

Posted

This flag is simply based on whether or not an audit number is displayed.

Audit #

If the Disposal GL has been posted, this field indicates the audit number (so you can re-print that audit if necessary). If this field is blank, this means the GL has not been posted yet.

This section contains three checkboxes allowing you to indicate whether the asset is eligible property for 'Section 179', 'Enterprise Zone (or Liberty Zone)', or 'Gulf Opportunity (GO) Zone'.

The 'Section 179' option is checked by default as most assets are eligible for Section 179; the other two are unchecked by default. If Section 179 is unchecked, you may not claim a Section 179 amount in the 'Section 179 Claim Amount' field, for it will be disabled.

All three checkboxes are used in calculating your annual limit (see below).

Net Acquisition Cost

This figure is read-only and is carried forward from the Acquisition Tab.

Section 179 Claim Amount

This field is only enabled if you have flagged the 'Section 179' option in the Qualified Property section (see above). You may enter any amount between $0 and the Net Acquisition Cost. This amount will be added to your first year’s depreciation amount for the displayed Fixed Asset.

The starting amount for depreciation calculations, usually the Net Acquisition Cost, is reduced by this Section 179 Claim Amount (difference is displayed as a read-only field below the claim amount).

Check Limit Button

Selecting this button will display the new modal Section 179 Maximum Limit Calculation Form.

Pre-Bonus Net Value

Displays the net value prior to any bonus claim amounts that may be applied.

Bonus Claim Amount

Starting in 2008, after deducting the section 179 claim amount from the net acquisition cost, you may also depreciate a further 50% of the net amount in the first year. Like the section 179 claim, the regular depreciation starting figure is reduced - final net figure for regular depreciation is displayed below this field (read-only).

In years prior to 2008, you could take either a 30% or 50% bonus, but only on certain qualifying assets. It is left to the user to study the IRS Publication 946 document for the given year to determine:

If you decide to take a bonus, there is a right-click option on the field to automatically calculate either '30%' or '50%'.

The Section 179 Maximum Limit Calculation form is accessed from the 'Check Limit' button on the IRS Options Tab. It will list (in a grid in lower section) all assets put into service for the given year. It calculates total purchase values for each 'Qualified Property' type. Using these totals and the amounts from the Setup Tab > Limits - IRS section, it summarizes your purchase and claim amounts re: section 179 for a given fiscal year to help you determine how much cap room you have left (i.e. how much you may increase your total section 179 claim amount by on one or more assets), or whether you have gone over the limit (and need to reduce your claim amount on one or more assets). Except for the 'Fiscal Year' value (which you may select from years listed in the Setup Tab > Limits - IRS section), all fields on this form are read-only.

Description

This field displays a short description concerning the Depreciation Type.

Depreciation Type

Select 'IRS', 'CRA', or 'Book'. This will depend on your Application Configurator settings, as discussed in the Need to know How? page for Fixed Assets.

System

Select GDS, or ADS. Generally, accounting principles use GDS unless you choose or are specifically requested by law, to use ADS.

Class / RP

Select the search button to open the appropriate class for this client.

Convention

Select your conventional accounting principle preference from one of: mid-month, mid-quarter, mid-year.

Posted to

Shows the date your depreciation postings are completed at, which should coincide with the last date in the Grid shown to the right.

Class

Select the search button to open the appropriate class for this client.

Rate %

Automatically generated once you choose the correct class above.

1/2 Year Rule

Automatically generated.

Method

Select the search button and a depreciation method dialog box will appear. Choose one of the following depreciation methods: DB-Fixed declining balance, DBA-accelerated declining balance, SL-straight line, or SYD-sum-of-the years' -digits.

Recovery Period

Enter the recovery period, in years.

Acc. Rate

Enter a percentage rate. This is for the accelerated declining balance method only. Common choices are 125, 150, and 200.

Salvage Value

Enter the minimum or final NBV where the depreciation amounts would no longer be calculated.

Posted to

The date shown here occurs after you’ve chosen to post the depreciation amounts shown in the Grid. You can modify this date by double-clicking in row in the depreciation Grid in SETUP MODE (an Application Configurator program option). If you are not in SETUP MODE, this field can only be changed via the POST button (i.e., it cannot be set manually).

Select the 'Re-Calc' button in the bottom right of the Tab to post depreciation amounts. RECALC only re-calculates the depreciation figures for periods AFTER 'posted to'. Modify your Application Configurator settings as follows:

Allow Re-Calc All

The default is set at 'False' and this means that when you select the 'Re-calc' button on the Depreciation tab the program will only recalculate amounts for the current Asset. If you set this option to 'True', then upon selecting the 'Re-calc' button you will be prompted with a message allowing you to re-calculate for only the current Asset or for all Assets (in the current filter).

Hold

Select to prevent depreciation postings (via the POST button) for this Asset. Even if you’ve selected ALL ASSETS in the Fixed Assets - Setup Tab, this selection will override the Setup Tab setting and allow you to prevent depreciation postings for this particular Asset.

Annual

Select if you would like to show annual depreciation amounts.

Monthly

Select if you would like to show monthly depreciation amounts.

Locked To

New field "Locked To" at bottom left of depreciation tab works similar to 'Posted To' in that when you click the 'Re-calc' button, no figure will be over-written for any period up to either of these 2 dates. The 'Posted To' can still be set by double-clicking a row in the grid in detailed (monthly) view. Both 'Posted To' and 'Locked To' can be set via right-click from the grid.

Should automatically generate amounts depending on your chosen settings.

Period

Will show correct date as per preferences, i.e., month/year, etc., To view depreciation amounts projected into the future, add future fiscal years to the GL Chart of Accounts program.

Cost Adj.

When a component is added to the asset to enhance the asset’s utilization and is considered as an integral part of the asset, a cost adjustment can be made. The additional cost can be added to the book value of the asset and must be depreciated over the remaining life of the asset (along with the original cost). This field allows TruckMate users to adjust the cost of the asset based on the changes made to the asset.

Current Dep.

Will show corresponding depreciation amount for the period.

Accumulated Dep.

Will show accumulated depreciation amount up to that period.

NBV

Will show current net book value with accumulated depreciation deducted.

View the Application Configurator program > FA.EXE section to modify the labels for these ten User Defined fields.

This read-only Tab will populate with the User and Date / Time data for the User that creates and / or modifies any of these Asset records.